Circuit City closing...

[Army82ndAB]

Hey all,

Just to give you a heads up the Circuit City on Brown Deer Rd. will be closing their doors on Feb. 26th. They boxed up all of their new products to be shipped to other stores, but they will be blowing out all their displays from what my cousin told me, she happens to work there.

Maybe a good chance to get a really good deal? Thought I'd let you know...

[gparris]

Hey all,

Just to give you a heads up the Circuit City on Brown Deer Rd. will be closing their doors on Feb. 26th. They boxed up all of their new products to be shipped to other stores, but they will be blowing out all their displays from what my cousin told me, she happens to work there.

Any idea if they are relocating-like to Mequon or the North Shore, instead?
Seems to be ashame to lose another store. :rolleyes:

[summerfun]

Circuit City Announces 19 Superstore Closings as Part of Its Ongoing Initiatives to Improve Financial Performance
Company Also Announces Closures of Five Regional Offices and One Distribution Center, Sale of a Corporate Building
RICHMOND, Va., Feb 16, 2005 /PRNewswire-FirstCall via COMTEX/ -- Circuit City Stores, Inc. today announced the closing of 19 Superstores, five regional offices and one distribution center by the end of the month, as well as the sale of a corporate building, continuing its initiatives to improve the company's overall financial performance.

"Based on our continuing analysis of markets across the country, we have identified 19 Superstores located in trade areas that we believe can no longer support a Circuit City Superstore, leaving the locations with no reasonable expectation of positive cash flow and without relocation opportunities over the near term," said W. Alan McCollough, chairman and chief executive officer of Circuit City Stores, Inc. "In many of the larger markets in which we are closing stores, we have added incremental stores in more vital trade areas or relocated stores to more attractive sites. The repositioning of our stores within these markets continues, and it no longer makes financial sense to keep some of the stores in those markets open."

In the fourth quarter of the current fiscal year, Circuit City expects to incur expenses of approximately $30 million after tax in conjunction with the store and regional office closings. The costs relate primarily to lease terminations, fixed asset disposals and, to a lesser extent, severance and other costs. The 19 stores combined had revenues of $170 million for the 12- month period ended December 31, 2004.

In most cases, Circuit City customers who are affected by the store closings will have the option of shopping at a nearby Circuit City Superstore. All customers will be able to shop with Circuit City on the Web at http://www.circuitcity.com or over the telephone at 1-800-THE-CITY. The closing stores will not open today or tomorrow, but will reopen on Friday, February 18, for a close-out sale of display merchandise.

In addition to the store closings, the company will close a distribution center located in Doswell, Va. The 400,000 square foot facility will close at the end of the month. Expenses associated with the distribution center closing are not expected to be material. After a transition period, the company expects a reduction in inventory as the company shifts store replenishment distribution to its other nine distribution centers.

The company also sold one of the buildings at its corporate headquarters campus to Perimeter Center, LLC., an affiliate of Daniel Realty. The 188,120 square foot building, known as Deep Run II, opened in July 1994. The transaction resulted in a gain of approximately $1.8 million after tax, and the elimination of $12.6 million of long-term debt associated with the operating lease arrangement from the company's consolidated balance sheet.

About Circuit City Stores, Inc.

Richmond, Va.-based Circuit City Stores, Inc. (NYSE: CC) is a leading specialty retailer of consumer electronics. At the end of February 2005, Circuit City's domestic segment expects to operate 612 Circuit City Superstores and five mall-based stores in 158 markets and its international segment expects to operate more than 1,000 retail stores and dealer outlets in Canada. Circuit City also operates a Web site at http://www.circuitcity.com.

Forward-Looking Statements

This release contains forward-looking statements, which are subject to risks and uncertainties, including without limitation (1) the availability of real estate that meets the company's standards for relocations and new stores, (2) the company's ability to meet the store opening and relocation schedule, (3) the timing and amount of costs associated with the store, office and distribution center closures and (4) the effect of the company's efforts to redistribute inventory and streamline replenishment processes among the remaining distribution centers. Additional discussion of factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is set forth under Management's Discussion and Analysis of Results of Operations and Financial Condition in the Circuit City Stores, Inc. Annual Report for fiscal 2004 and Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2004, and in the company's other SEC filings. A copy of the Annual Report is available on the company's Web site at http://investor.circuitcity.com.

Store Closing List

     Store Name            Address                       City, State

     Bloomington           2520 East 3rd St.             Bloomington, Ind.
     West 38th Street      3670 Moller Road              Indianapolis, Ind.
     Evergreen Plaza       9600 S Western Ave.           Evergreen Park, Ill.
     Randhurst             999 North Elmhurst Road       Mount Prospect, Ill.
     Old Orchard           4831 Golf Road                Skokie, Ill.
     Wichita East          8405 E. Kellogg Drive         Wichita, Kan.
     Pontiac               550 N. Telegraph Road         Detroit, Mich.
     Lansing East          2655 E Grand River Ave.       East Lansing, Mich.
     Southfield            28556 Telegraph Road          Southfield, Mich.
     Traverse City         3123 South Airport Road       Traverse City, Mich.
     Westland              4030 West Broad St.           Columbus, Ohio
     Olmsted               27250 Lorain Road             North Olmsted, Ohio
     North Randall         21639 Miles Road              North Randall, Ohio
     Parmatown             8009 Day Drive                Parma, Ohio
     Jackson               1938 Emporium Drive           Jackson, Tenn.
     Katy Freeway          1045 Katy Freeway             Houston, Texas
     Lufkin                4600 S Medford Drive          Lufkin, Texas
     Lynchburg             3700 Candlers Mountain Road   Lynchburg, Va.
     Northridge            8173 West Brown Deer Road     Milwaukee, Wis.

Parties interested in the real estate are asked to contact DJM Asset Management, LLC.Emilio Amendola 631-752-1100 ext. 223 eamendola@djmasset.comJames Avallone 631-752-1100 ext. 224 javallone@djmasset.com    
(Logo: http://www.newscom.com/cgi-bin/prnh/20010709/CCLOGO )
SOURCE Circuit City Stores, Inc.
Bill Cimino, Director of Corporate Communications, +1-804-418-8163, Jessica Clarke, Investor Relations, +1-804-527-4038, or Virginia Watson, Investor Relations, +1-804-527-4033, all of Circuit City Stores, Inc.
http://www.prnewswire.com

Copyright © 2005 PR Newswire. All rights reserved.

News Provided by COMTEX

[govegan]

It might be worth taking a look.  The only thing I'm really in the market for right now is an HDTV tuner since I still don't have one.  It'd be nice if they had an open-box one for cheap, because I can't really afford $200 for one right now.

[kjnorman]

I can understand why the Brown Deer Circuit City is closing.  Lets face it, Brown Deer is not exactly the best neighborhood.  Let the flames begin  :Shoot:

Seriously though, while it is the closest CC to me, my wife and I never much like going to that part of town for shopping (mostly Toys-r-us) and we would much rather drive further to go to different stores.  The whole Brown Deer retail area is going much more down market - discount stores - that kind of thing.  Its easy to understand why it does not support a superstore any more.

Of course, this is just my opinion and I may be a Northshore snob...  

[tothemax]

You may be a north shore snob or you may just look at the facts and base an opinion on those facts. Thats called a realist.

[gparris]

Kerry, get your facts straight...the Circuit City is on BROWN DEER ROAD where NORTHRIDGE was...not IN Brown Deer, a NORTH SHORE Suburb...one of the seven you live in! :rolleyes:

[picopir8]

You may be a north shore snob or you may just look at the facts and base an opinion on those facts. Thats called a realist.

What facts?  I just went to the Milwaukee compass site and mapped all crime milwaukee crime reports.  The area around where CC is happens have the lowest crime density in the city.  Heck the busineess district downtown, the east side, etc. all have higher crime.

[jkane]

About 10 years ago there was a Chucky Cheese not far from there.  (On Good Hope and 76th maybe?)  Anyhow, I was there with my kids and this teenager was walking around with a holster under his arm.  No gun in it, but the holster and a teen was enough to convince me to not spend any more time at that Chucky Cheese!  They closed a couple years later.  I was happy!

I did shop at Northridge quite a bit.  I still go to BB, CC, American, and have been to ToysRUs too.  (I boycot Target for other reasons.)  I wouldn't have a problem if all of them closed.  The area is not what it used to be.  It's just scary now.  I haven't eaten in a fast food place for a few years now because I'm afraid of the employees.  Bad service is a big understatement.  I have this feeling they are spitting on the bread.  [shudder]  It's worse than the MCD's in Mequon where they just don't care.  There's even a Walmart there next to CC!  That tells you what kind of prices and products people are looking for in their shopping there.

Anyhow, I still shop in the area because I haven't been shot at yet.  But each time I go, I keep my eyes open and am scanning the horizon for that day when it does happen!   :eek:

[tothemax]

What facts?  I just went to the Milwaukee compass site and mapped all crime milwaukee crime reports.  The area around where CC is happens have the lowest crime density in the city.  Heck the busineess district downtown, the east side, etc. all have higher crime.

Fine, Then you go eat dinner at olive garden at 9:00 pm and leave your car unlocked if you think your so bright. Better yet, go eat at the northridge food court around the same time. Do it after you see a movie there, oh yes, thats gone. Well, maybe you could do some shopping at some other fine stores at northridge, oh thats right, there all gone. I bet your a democrat arn't you.

[gparris]

It might be worth taking a look.  The only thing I'm really in the market for right now is an HDTV tuner since I still don't have one.  It'd be nice if they had an open-box one for cheap, because I can't really afford $200 for one right now.

Let us know if you found anything or bought anything there or if there were any good buys.
I'll send my brother up there as he lives close by (in the Village of Brown Deer, not Brown Deer Rd)
to pick something up for me or himself to finish his HT setup we're working on.  :p
He is kinda of a cheap HT guy and I have already given him way to much myself as far as HT stuff....thanks in advance!

[kjnorman]

Kerry, get your facts straight...the Circuit City is on BROWN DEER ROAD where NORTHRIDGE was...not IN Brown Deer, a NORTH SHORE Suburb...one of the seven you live in! :rolleyes:

Whatever.  Okay I stand corrected - busy day at work.  We still do not care for that area (Brown Deer Road).  There is a BIG difference between East and West of the Milwaukee (?) river.

If the area was so successful, then Northridge Mall would not have been raised to the ground last year.  We would never contemplate eating in that area.  The whole area just looks scare and depressing.  

That said, on the upside, the service we have had at the Toys'R'us store there has been very good the last couple of time we have been there.  Before that it was only so-so to bad.  

Anyway this is a HDTV forum to enough about ranting on Brown Deer Road (and not Brown Deer as I was corrected about earlier  :Shoot: ).

Kerry

[govegan]

Let us know if you found there and if there were any good buys, I send my brother up there as he lives close by (in the Village of Brown Deer, not Brown Deer Rd).  :p
He is kinda of a cheap HT guy and I have already given him way to much myself as far as HT stuff....thanks in advance!

I went over there around 11:30 this morning, but there was a line outside the door halfway down the strip mall.  There were maybe a few hundred people waiting outside the doors and the lot was completely full.  I've already recently gotten a widescreen TV, surround speakers and a receiver, so I really only wanted an HDTV tuner, so I decided not to bother standing around in the cold.  I'd read that there was just going to be open-box merchandise left in the store so I thought my chances would be extremely slim.

As it is, I guess I'll remain the only person on these boards who isn't able to watch HDTV.

[Army82ndAB]

Haha...You guys think being in the Northridge area is scary? Try patolling the streets of Fallujah/Ramadi, IRAQ! I am no longer nervous walking the streets of any American city period.

With that said...I work for BBY and they are eventually closing our Northridge location and relocating to Germantown as soon as they get this traffic light situation solved. (Germantown insists on installing a traffic light but refuse to pay for it, BBY thinks they should split the bill with Steinhafels since they're building next door, they said no, blah blah blah...BBY will pay the 200K in the end and move)

So, yes even though they just built a Pick-n-Save and Menards at what used to be Northridge mall, the area to me doesn't seem as if it will survive.

P.S. Circuit City is a dying company, it's just a matter of time before they no longer exist. Not enough room for them between BBY, and Wal-Mart.

[Scott]

No.....please tell me they aren't closing the Best Buy Northridge store.....uggh....that's real easy for me to get to, and I like going there....

I figured when they "opened" the Fox Point store something would happen....just like those citizens protesting it said would.

Back to the topic.....no one here has mentioned how crummy the Circuit city stores are....they are dark, dirty and disorganized and have been so for years.....and Best Buy just keeps improving IMHO.  That's why Best Buy seems to be eating their lunch right now......

Also, the Best Buy salespeople generally seem more knowledgable than the Circuit City guys.....I realize though that may not be a fair statement......

I know some of you are partial to American.....my only problem there is the fact that I enter the store and 18 different sales people try to sell me something, and they always use the line..."You know, I have this model at home myself, and its GREAT"  You can never just browse in that store without being hammered by sales people.